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GMR Airports Infrastructure (₹96.27)
Set to rebound
The stock of GMR Airports Infrastructure broke out of a range in mid-June. But after breaking out of the price band of ₹75-92, the scrip started to move in a narrow range. Over the past few days, it has been fluctuating in the narrow range of ₹95 and ₹100. The price action shows that the bullish inclination persists.
The stock is now nearing the 20-day moving average, against which it could resume the upswing. On the upside, it can go up to ₹120. One can go long now at ₹96. Buy more shares if the price dips to ₹90. Place stop-loss at ₹80. When the stock appreciates to ₹110, tighten the stop-loss to ₹98. Move the stop-loss further higher to ₹105 when the stock hits ₹115. Liquidate the longs at ₹120.
Sun Pharmaceuticals (₹1,568.85)
Resumes the uptrend
Sun Pharmaceuticals’ stock has gained for two weeks in a row. This indicates good positive momentum. The chart also hints that the stock has resumed the broader uptrend after witnessing a corrective move. This correction includes a minor correction in price and a horizontal trend for a little over two months.
While there could be a price correction to ₹1,500 from the current level, we expect the stock to eventually appreciate to ₹1,800 over the medium term. So, participants can buy Sun Pharmaceuticals now at ₹1,569. Accumulate if the price dips to ₹1,500. Place stop-loss at ₹1,350. When the price rises past ₹1,640, raise the stop-loss to ₹1,550. On a rally to ₹1,750, tighten the stop-loss to ₹1,690. Exit at ₹1,800.
Tata Consumer Products (₹1,137.20)
Signs of a breakout
The stock of Tata Consumer Products has largely been moving across a sideways band since April. But the price action shows that it has been forming a higher high within the range. The price is now above both the 20- and 50-day moving averages. The stock is likely to surpass the resistance at ₹1,160 soon and make a higher high. This will pave way for further appreciation.
We expect the stock to touch ₹1,260 in the short term. Before that, there could be one more minor downswing, potentially to ₹1,100. Therefore, one can buy Tata Consumer Products now at ₹1,137. Accumulate if the price drops to ₹1,100. Place the stop-loss at ₹1,040. When the stock rises above ₹1,200, alter the stop-loss to ₹1,140. Exit at ₹1,260.
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